R23-007 1 RESOLUTION NO. R23-007
2
3
4 A RESOLUTION OF THE CITY OF BOYNTON BEACH, FLORIDA APPROVING
5 THE PIGGYBACK OF THE CITY OF ORLANDO BANKING SERVICES RFP NO.
6 20-0276 AND AUTHORIZING THE CITY MANAGER TO SIGN THE NEW
7 AGREEMENT BETWEEN THE CITY OF BOYNTON BEACH AND BANK OF
8 AMERICA; THE UMBRELLA AGREEMENT AND THE ACCEPTANCE OF
9 TREASURY SERVICES; AND PROVIDING AN EFFECTIVE DATE.
10
11
12 WHEREAS, the City of Boynton Beach has had a continuing contract with Bank of
13 America that has been automatically renewed over the past several years; and
14 WHEREAS, the City of Orlando awarded Bank of America a five-year contract as a result
15 of RFP No. 20-0276 for Banking Services. Agreement.Term: May 15, 2021 through May 14, 2026,
16 with the option for two (2) two-year renewals; and
17 WHEREAS, the City of Boynton Beach would like to piggyback this agreement to take
18 advantage of the competitive rates afforded the City of Orlando through the award of RFP No.
19 20-0276 to Bank of America; and
20 WHEREAS, the City Commission of the City of Boynton Beach, Florida deems it to be in
21 the best interests of the citizens and residents of the City of Boynton to approve the piggyback
22 of the City of Orlando Banking Services RFP No. 20-0276 and authorize the City Manager to sign
23 the new Agreement between the City of Boynton Beach and Bank of America; the Umbrella
24 Agreement and the Acceptance of Treasury Services.
25 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF
26 BOYNTON BEACH, FLORIDA, THAT:
27
28 Section 1. The foregoing "Whereas" clauses are hereby ratified and confirmed as
29 being true and correct and are hereby made a specific part of this Resolution upon adoption
30 hereof.
31 Section 2. The City Commission hereby approves the piggyback of the City of
32 Orlando Banking Services RFP No. 20-0276 and authorizes the City Manager to sign the new
33 Agreement between the City of Boynton Beach and Bank of America; the Umbrella Agreement
S:\CA\RESO\Agreements\Piggy-Back Agmts With Bank Of America-Reso.Docx
34 and the Acceptance of Treasury Services. A copy of the Agreement is attached hereto and
35 incorporated herein as Exhibit "A".
36 Section 3. This Resolution shall become effective immediately upon passage.
37 PASSED AND ADOPTED this 5th day of September, 2023.
38 CITY OF BOYNTON BEACH, FLORIDA
39 YES NO
40 j
41 Mayor-Ty Penserga
42
43 Vice Mayor-Thomas Turkin 4bcerri-
44 /
45 Commissioner-Angela Cruz �/
46
�/
47 Commissioner- Woodrow L. Hay
48
49 Commissioner-Aimee Kelley
50
51 VOTE -0
52 ATTEST:
53
54
55 11 .! 41 / L ' _��-
56 Mayl-eI e Jesus PA, MMC Ty Pen .
57 City Cl: . Mayor
58
59 ;;,C°N B£����
AP•ROVED AS TO FORM:
60
'coo.,Q�RATE ..CyhI1
61 (Corporate Seal) .4. ,o� li -TT
i �'. OHO .
63 , David N. Tolces
64 'k_ ••'••.....,-..,% Interim City Attorney
.`'‘..„- ---
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Umbrella Agreement for Government Banking Services
This Umbrella Agreement for Government Banking Services(the"Agreement")is made and entered into as of the date of the last
signature below("Effective Date"),by and between City of Boynton Beach(the"Client"or"City")and Bank of America,N.A.,a
national banking association(the"Bank").
WHEREAS,Bank and Client have entered into that certain Global Transaction Services Terms and Conditions and Acceptance of
Services(together,the"T&C")(as may be amended from time to time)for the provision of various banking services by Bank to
Client;and
WHEREAS,on May 16,2020,the City of Orlando,Florida,("Orlando")issued Request for Proposal RFP20-0276(the"RFP")for
certain banking services identified in the RFP and on the defined below Fee Schedule("Services");and
WHEREAS,on July 1,2020,the Bank issued its response to the RFP(the"Proposal")and was awarded the business;and
WHEREAS,pursuant to the laws of the State of Florida, Client is duly authorized to purchase Services from the Bank on the basis
of the Orlando RFP;and
WHEREAS,Client wishes to procure one or more Services from the Bank on the basis of the Orlando RFP and Bank's Proposal,as
applicable to the Client,for the line-item pricing contained in the Proposal subject to the schedule of fees as provided in the
attached to,and incorporated into,this Agreement Exhibit A,Schedule of Fees("Fee Schedule");and
WHEREAS,the parties wish to enter into this Agreement for the purpose of specifying the term,fees and constituent documents of
the Agreement between Client and Bank regarding the Services.
NOW,THEREFORE,in consideration of the foregoing,the mutual covenants contained herein and other good and valuable
consideration,the parties agree as follows:
1. Integrated Agreement.The entire and integrated Agreement between Client and Bank related to the Services shall consist of
this Agreement(including Exhibit A,Fee Schedule),T&C(including user documentation and set-up forms),and Bank's
Deposit Agreement and Disclosures.In the event of a conflict among any of the preceding documents,such documents shall
govern in the following order of precedence:(1)this Agreement,(2)T&C(including user documentation and set-up forms)
and(3)Bank's Deposit Agreement and Disclosures.The integrated agreement supersedes all prior negotiations,
representations,statements,and agreements,whether written or oral,regarding the Services.
2. Term.The term of this Agreement shall begin on Effective Date and continue through and including May 14,2026(the
"Term"),unless earlier terminated as provided for in this Agreement. The Term may be extended by written mutual consent
of the parties,subject to the Client submitting in writing to Bank its intent to extend the Term no later than 60 days prior to
May 14,2026.Bank in its sole discretion may terminate or continue providing the Services thereafter,however if the Client
continues to utilize the Services without a renewal amendment or other agreement with the Bank first being signed,such
Services shall be provided by the Bank in accordance with the then current version of the Global Transaction Services Terms
and Conditions available on the Bank's Website until the parties agree in writing otherwise.
3. Commencement of Performance.Except as otherwise agreed by the parties,Bank shall begin performing each Service upon
execution and delivery of this Agreement,the pertinent service agreement(s),and the related set-up form(s).Bank shall
continue to perform such Services during the Term.
4. Pricing for Services not covered by the Proposal.Pricing for additional services and options that are not covered by the
Proposal or the Fee Schedule,and that the Client may want to add now or in the future,will be negotiated at the time of set-up
and upon execution of applicable documentation,if required.
5. Notices.Except as may otherwise be specified in the applicable service-level agreement(s)or set-up form(s),notices to Client
and Bank shall be sent by U.S.mail,postage prepaid,to the addresses set forth below:
City of Boynton Beach Bank:Bank of America NA
Attention:Daniel Dugger,City Manager Attention:Glenna Thompson
100 East Ocean Ave 101 E.Kennedy Blvd.
Boynton Beach,Florida 33435-3838 FL 1.400.05.07.Tampa,Florida 33602
Changes in the respective address set forth above may be made from time to time by any party upon written notice to the other
party.
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6. Severability. Should any provision of this Agreement be deemed illegal or otherwise unenforceable, that provision shall be
severed,and the remainder of this Agreement shall remain in full force and effect. The waiver of any right or election of any
remedy in one instance,by either party,shall not affect any rights or remedies in another instance. A waiver shall be effective
only if made in writing and signed by an authorized representative of each party.
7. Sovereign Immunity. Nothing contained in this Agreement shall be considered or construed to waive CITY's rights and
immunities under the common law or Section 768.28,Florida Statutes,as may be amended.
8. Binding Authority.Each person signing this Agreement on behalf of either party individually warrants that he or she has full
legal power to execute this Agreement on behalf of the party for whom he or she is signing,and to bind and obligate such party
with respect to all provisions contained in this Agreement.
9. Attorney's Fees. In the event that either party brings suit for enforcement of this Agreement, each party shall bear its own
attorney's fees and court costs.
10. The City is a public agency subject to Chapter 119, Florida Statutes. The Vendor shall comply with Florida's Public Records
Law. Specifically,the Contractor shall:
A. Keep and maintain public records required by the City to perform the service;
B. Upon request from the City's custodian of public records,provide the City with a copy of the requested records or allow the
records to be inspected or copied within a reasonable time at a cost that does not exceed the cost provided in chapter 119,
Fla.Stat.or as otherwise provided by law;
C. Ensure that public records that are exempt or that are confidential and exempt from public record disclosure requirements
are not disclosed except as authorized by law for the duration of the contract term and,following completion of the contract,
Contractor shall destroy all copies of such confidential and exempt records remaining in its possession once the Contractor
transfers the records in its possession to the City;and
D. Upon completion of the contract,Contractor shall transfer to the City,at no cost to the City,all public records in Contractor's
possession All records stored electronically by Contractor must be provided to the City, upon request from the City's
custodian of public records,in a format that is compatible with the information technology systems of the City.
E. IF THE CONTRACTOR HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119,FLORIDA
STATUTES, TO THE CONTRACTOR'S DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS
CONTRACT,CONTACT THE CUSTODIAN OF PUBLIC RECORDS:
MAYLEE DE JESUS,CITY CLERK
100 E.OCEAN AVENUE
BOYNTON BEACH,FLORIDA,33435
561-742-6061
DeJesusMna,bbfl.us
The foregoing notwithstanding,the parties agree as follows:(i)nothing herein will obligate the Bank to comply with
the Public Records Act to the extent that said law does not apply to the Bank or the Services provided hereunder;(ii)
with respect to the Public Records Act,the parties agree that the Bank is not an agent of or acting on behalf of the
City in performing the Services hereunder;and(iii)nothing herein shall require the disclosure of information which
constitutes a"trade secret"within the meaning of Section 812.08(1),Florida Statutes.
11. Scrutinized Companies—287.135 and 215.473. By execution of this Agreement,Bank certifies that Bank is not participating in
a boycott of Israel except as authorized by applicable Federal Laws.The Bank further certifies that Bank is not on the
Scrutinized Companies that Boycott Israel list,not on the Scrutinized Companies with Activities in Sudan List,and not on the
Scrutinized Companies with Activities in the Iran Petroleum Energy Sector List,or has Bank been engaged in business
operations in Syria without applicable Federal authorization.Subject to limited exceptions provided in state law,the City will
not contract for the provision of goods or services with any scrutinized company referred to above. Submitting a false
certification shall be deemed a material breach of contract.The City shall provide notice,in writing,to the Bank of the City's
determination concerning the false certification.The Bank shall have five(5)days from receipt of notice to refute the false
certification allegation.If such false certification is discovered during the Term,the Bank shall have ninety(90)days following
receipt of the notice to respond in writing and demonstrate that the determination of false certification was made in error. If the
Bank does not demonstrate that the City's determination of false certification was made in error then the City shall have the
right to terminate the Agreement for convenience in accordance with this Agreement.
12. Contractor certifies that it is aware of and complies with the requirements of Section 448.095, Florida Statutes, as may be
amended from time to time and briefly described herein below.
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1. Defmitions for this Section:
A."Contractor"means a person or entity that has entered or is attempting to enter into a contract with a
public employer to provide labor,supplies,or services to such employer in exchange for a salary,wages,
or other remuneration."Contractor"includes,but is not limited to,a vendor or consultant.
B. "Subcontractor"means a person or entity that provides labor,supplies,or services to or for a contractor or
another subcontractor in exchange for a salary,wages,or other remuneration.
C. "E-Verify System"means an Internet-based system operated by the United States Department of
Homeland Security that allows participating employers to electronically verify the employment
eligibility of newly hired employees.
2. Registration Requirement; Termination: Pursuant to Section 448.095, Florida Statutes, effective January 1, 2021,
Contractors, shall register with and use the E-Verify System in order to verify the work authorization status of all newly
hired employees.Contractor shall register for and utilize the U.S.Department of Homeland Security's E-Verify System to
verify the employment eligibility of:
A. All persons employed by a Contractor to perform employment duties within Florida during the Term;
and
B. All persons(including sub-vendors/sub-consultants/sub-contractors)assigned by Contractor to perform
work pursuant to the contract with the City of Boynton Beach.The Contractor acknowledges and agrees
that registration and use of the U.S.Department of Homeland Security's E-Verify System during the
term of the contract is a condition of the contract with the City of Boynton Beach;and
C. The Contractor shall comply with the provisions of Section 448.095,Fla. Stat.,"Employment
Eligibility,"as amended from time to time.This includes,but is not limited to registration and utilization
of the E-Verify System to verify the work authorization status of all newly hired employees.Contractor
shall also require all subcontractors to provide an affidavit attesting that the subcontractor does not
employ,contract with,or subcontract with,an unauthorized alien.The Contractor shall maintain a copy
of such affidavit for the duration of the contract.Failure to comply will lead to termination of this
Contract,or if a subcontractor knowingly violates the statute,the subcontract must be terminated
immediately.Any challenge to termination under this provision must be filed in the Circuit Court no
later than twenty(20)calendar days after the date of termination.Termination of this Contract under this
Section is not a breach of contract and may not be considered as such. If this contract is terminated for a
violation of the statute by the Contractor,the Contractor may not be awarded a public contract for a
period of one(1)year after the date of termination.
13. Disputes.Any disputes that arise between the parties with respect to the performance of this Agreement,which cannot be resolved
through negotiations or arbitration, shall be submitted to a court of competent jurisdiction in Palm Beach County,Florida. To
the extent allowed by law, each party waives the right to a trial in front of a jury and agrees that all matters may be heard and
decided by a judge without a jury. This Agreement shall be construed under Florida Law.
14. Indemnification by Contractor.Intentionally omitted.
IN WITNESS WHEREOF,the parties have executed this Agreement as of the Effective Date.
CITY OF BOYNTON BEACH BANK OF AMERICA,N.A.
CLIENT'S LEGAL NAME), (BANK NAME)
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By: J411 : •.
(Signature)
Name: DewueI , is•, Name:
('nn ,* Type) (Print or Type)
Title: CAse Title:
Date: ` 1a�3 Date:
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By: d ," —
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Cix\) t)Nti
(Print or Type)
Title:
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Exhibit A
Fee Schedule for the City of Boynton Beach, FL
Effective Date:
Service Code Description Frequency Price
Prime plus
COLL OVERDRAFT INTEREST CHARGE AMOUNT BASED See Disclosures margin
DEPOSIT BANK ASSESSMENT PER$1000 0.1667
LEDGER OVERDRAFT PER DAY PER DAY 50.0000
ACCOUNT MAINTENANCE PER ACCOUNT/PER MONTH 2.5000
ACH BLOCKS AUTH ADD-CHANGE PER ADD/CHANGE 5.0000
ACH BLOCKS AUTH INSTRUCTIONS PER BLOCK AND PER FILTER 0.1500
ACH BLOCKS AUTH MAINTENANCE PER ACCOUNT 10.0000
ACH CREDIT RECEIVED ITEM PER ITEM 0.0200
ACH DEBIT RECEIVED ITEM PER ITEM 0.0200
ACH DELETE-REVERSAL BATCH FILE PER BATCH OR FILE 100.0000
ACH INPUT-FILE PER FILE 4.0000
ACH MONTHLY MAINTENANCE PER ACH COMPANY ID, PER MONTH 8.0000
ACH NOTIF OF CHANGE (NOC) PER ITEM 0.7500
ACH OFF US CREDITS PER ITEM 0.0200
ACH OFF US CREDITS-SAME DAY PER ITEM 0.5000
ACH OFF US DEBITS PER ITEM 0.1100
ACH ON US CREDITS PER ITEM 0.0200
ACH ON US CREDITS-SAME DAY PER ITEM 0.0200
ACH ON US DEBITS PER ITEM 0.0500
ACH POS PAY EXCEPTIONS-PAID PER ITEM 5.0000
ACH POSITIVE PAY ACCT MAINT PER ACCOUNT 15.0000
ACH REPORTS-ELECTRONIC PER REPORT 1.2800
ACH RETURN ITEM PER ITEM 0.7500
ACH UNAUTHORIZED ENTRY PER ITEM 4.5000
ARP OUTPUT PROCESSING PER ITEM PER ITEM 0.0000
ARP PARTIAL PPAY ITEM PER CHECK PAID 0.0450
ARP PARTIAL PPAY MAINT-SUPP PER CYCLE/PER ACCOUNT 20.0000
ARP POSITIVE PAY RETURN-OTHER PER ITEM 15.0000
ARP PPAY INPUT FILE-TRANS PER FILE 0.0000
ARP PPAY MAINT-NO RECON PER MONTH/PER ACCOUNT 15.0000
ARP RECON OUTPUT FILE PER FILE 8.0000
ARP VOID CANCEL ITEMS PER CANCEL 0.0100
BANK BY MAIL DEPOSIT PER DEPOSIT 5.0000
BANKING CENTER DEPOSIT PER DEPOSIT 3.0000
BOOK CREDIT PER WIRE 1.0000
CASHPRO ACCOUNT TRANSFER PER TRANSACTION 1.0000
CASHPRO ARP REPORTS PER MONTH/PER ACCOUNT 3.7500
CASHPRO GP ACCTS ENTITLED 0.0000
CASHPRO GP CUST MNT TMPLT STRG PER ITEM 1.0000
CASHPRO IMAGE SUBSCRIPTION PER ACCOUNT/PER MONTH 1.0000
CASHPRO ONLINE CDR ACCOUNT PER ACCOUNT/PER MONTH 12.0000
CASHPRO ONLINE CDR ITEM PER ITEM 0.0300
CASHPRO ONLINE IMAGE RETRIEVAL PER ITEM 0.0000
CASHPRO ONLINE PDR ACCOUNT PER ACCOUNT/ PER MONTH 10.0000
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CASHPRO ONLINE PDR ITEM PER ITEM STORED 0.0200
CASHPRO ONLINE RESEARCH ITEM PER ITEM 0.0000
CASHPRO ONLINE SUBSCRIPTION PER ID/PER MONTH 20.0000
CASHPRO REPORT EMAIL SCHEDULED PER EMAIL 0.0000
CASHPRO REPORTING SUBSCRIPTION PER CO ID/PER MONTH 10.0000
CHANGE ORDER BKG CTR PER ORDER 8.0000
CHECK DEPOSIT-ICL or RDSO PER DEPOSIT 0.7500
CHECK DEPOSIT-PAPER PER ITEM 0.0000
CHECKS DEPOSITED-BKG CENTER PER ITEM 0.0400
CHECKS DEPOSITED-CASH VAULT PER ITEM 0.0400
CHECKS DEPOSITED-FOREIGN ITEM PER ITEM 3.0000
CHECKS DEPOSITED-ITEMS PROC PER ITEM 0.1600
CHECKS DEPOSITED-LOCKBOX PER ITEM 0.0400
COIN DEPOSIT-NON STD BAG-VLT PER BAG 7.0000
COIN SUPP ROLL-BKG CTR PER ROLL 0.2500
COIN SUPP ROLL-BOX-BKG CTR PER ROLL 0.2000
CREDITS POSTED-ELECTRONIC PER ITEM 0.0200
CURR DEPOSITED-PER NOTE-VLT PER NOTE 0.0216
CURR SUPP$100-BKG CTR PER$100 0.3500
CURR-COIN DEP-$100-BKG CTR PER$100 0.3500
CURR-COIN DEP-$100-QBD-ND PER$100 0.2500
DEBITS POSTED-ELECTRONIC PER ITEM 0.0200
DEPOSIT ACCOUNT STMTS OVER 1 PER STATEMENT(OVER 1 PER MONTH) 0.0000
DEPOSIT CORRECTION-CASH PER CORRECTION 4.0000
DEPOSIT CORRECTION-NONCASH-RDS PER CORRECTION 2.0000
ELEC WIRE OUT-BOOK DB PER WIRE 2.0000
ELEC WIRE OUT-DOMESTIC PER WIRE 3.0000
GCS TRANSACTION HISTORY PER CALL 5.0000
GENERAL DISB CKS PAID-TRUNC PER ITEM 0.0250
IMAGE ARCHIVE-7 YEARS PER ITEM 0.0450
IMAGE ARCHIVE-90 DAYS PER ITEM 0.0000
IMAGE DEPOSITED ITEMS-ICL PER ITEM 0.0600
IMAGE DEPOSITED ITEMS-RDSO PER ITEM 0.0600
INCOMING DOMESTIC WIRE PER WIRE 2.0000
INTEREST BEARING ACCOUNT MAINTENANCE PER ACCOUNT/PER MONTH 5.0000
NON-RELATIONSHIP CK CASHED PER ITEM 0.0000
PH OR STND ORDER TMPLT STORG PER ITEM 0.0000
PHOTOCOPY-MANUAL PER ITEM 10.0000
POSITIVE PAY EXCEPTIONS PER ITEM 0.0000
QBD-NIGHT DROP DEPOSIT PER DEPOSIT 2.0000
REMOTE DEPOSIT ACCOUNT MAINT PER ACCOUNT 25.0000
REMOTE DEPOSIT CKC IMAGE PROC PER ITEM 0.0400
REMOTE DEPOSIT FOREIGN ITEM PER ITEM 6.0000
RETURNS-CHARGEBACK PER ITEM 1.0000
RETURNS-RECLEAR PER ITEM 1.2500
RETURNS-RECLEAR SERVICES PER MONTH 1.0000
_STOP PAY AUTOMATED<=12 MONTHS PER STOP PLACED OR RE-ISSUED 3.0000
STOP PAY AUTOMATED>12 MONTHS PER STOP PLACED OR RE-ISSUED 20.0000
SUPPLIES-BAGS,TICKETS,MISC AMOUNT 0.0000
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VAULT DEPOSIT PER DEPOSIT 1.2500
WIRE MONTHLY SUBSCRIPTION PER MONTH 10.0000
WLBX CARD PAYMENT REJECT PER CARD TRANSACTION 2.5000
WLBX CASHPRO REC ARCHIVE 7 YR PER IMAGE 0.0525
WLBX CASHPRO REC MAINTENANCE PER MONTH 15.0000
WLBX CASH PRO REC PER IMAGE PER IMAGE 0.0200
WLBX CORRESPONDENCE PER ENVELOPE 0.3500
WLBX COURIER DELIVERY OF PKG AMOUNT BASED 0.0000
WLBX DEPOSIT PREP PER DEPOSIT PER DEPOSIT 1.2500
WLBX DOCUMENT RETURN PKG PREP PER MONTH 40.0000
WLBX DUAL SIDED IMAGE MAINT PER LOCKBOX PER MONTH 10.0000
WLBX IMAGE DOCUMENTS IMAGED PER IMAGE 0.0200
WLBX IMAGE PDF MAINTENANCE PER MONTH 0.0000
WLBX IMAGEDROP MAINTENANCE PER MONTH/PER ACCOUNT 0.0000
WLBX IMAGEDROP PER FILE PER FILE 5.0000
WLBX IMAGEDROP PER IMAGE PER IMAGE 0.0000
WLBX LOCKBOX MAINT PER BOX PER LOCKBOX PER MONTH 175.0000
WLBX LOCKBOX PROC PER ITEM PER CHECK 0.2800
WLBX MINIMUM CHARGE MINIMUM CHARGE 0.3500
WLBX PAYEE VALIDATION PER ITEM PER CHECK 0.0000
WLBX REJECTED ITEM PER ITEM 0.4000
WLBX USPS 1ST CLASS MAIL SHIP AMOUNT 0.0000_
WLBX WALK-IN COURIER PKG ITEM PER ITEM 2.0000
ZBA PER TRANSACTION PER TRANSACTION 0.0000
ZBA-DEPOSITORY+ MASTER MAINT PER ACCOUNT 0.0000
ZBA-SUBSIDIARY ACCOUNT MAINT PER ACCOUNT/PER MONTH 0.0000
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City of Boynton Beach, Florida
12/2/2022
Contract Renewal
Banking Services
Disclosures:
Bank of America has endeavored to provide The City of Boynton Beach, Florida ("The
City")with a comprehensive fee schedule based on your current services. Given the
number of services and product options available to our clients, it is difficult to
determine or anticipate all products and services that may be applicable to "The City"
for future enhancements. Therefore, banking services utilized but not specifically
referenced in this proposal will be charged for and appear on the monthly analysis
statements.
Pricing for future enhanced services is typically based on multiple factors and can often
be more aggressively priced if we understand the total scope of services desired and the
associated volumes. Therefore, it is most advantageous for"The City"to allow mutually
negotiated pricing for enhanced solutions to be provided upon mandate and prior to
set-up.
Deposit Insurance Assessment (formerly known as FDIC) is subject to change at any
time. It is based on an account's average positive ledger balance for the month.The
Assessment Fee may include deposit insurance, FICO assessment and other charges
provided by law. This charge can be offset with earnings credit on eligible collected
balances.The Assessment Fee is computed based upon the current monthly multiple
and the average ledger deposit balance.The current monthly assessment factor is
0.1667 per$1,000 which equates to 0.20% per annum and is subject to change.The
monthly calculation is Ledger balance divided by$1,000 x 0.1667.
Please be advised that your future Account Analysis Statements may include the
following fee line item entitled "Balance Related Fee".We are not assessing the Balance
Related Fee at the time of submission, but we may need to assess this fee as a result of
market conditions (e.g., interest rates turn negative) or for other reasons(e.g., costs).
The Reserve Rate, historically at 10%, is currently at zero, but subject to change without
notice.
Our ECR and interest rates both are "managed" rates and will move directionally with
the market.
The Earnings Credit Rate (ECR) on your account is used to calculate your Earnings
Allowance, which is based on your average investable balance. Bank of America bases
your EAR on several prevailing market indicators and therefore it may vary.
The Collected Overdraft Interest Charge Rate on your account is used to calculate your
Collected Overdraft Interest Charge,which is based on your negative collected balance.
The rate on your account may vary; and is subject to change. When determining this
rate, Bank of America considers several factors and generally bases this rate on our
Prime Rate plus a margin. The margin may change periodically.
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It is the responsibility of"The City" to review their monthly analysis statement and
notify Bank of America of any discrepancies within 45 days of receipt of the analysis
statements. Once "The City" contacts Bank of America,the discrepancies and/or
additional charges can be reviewed and a mutually agreed upon price can be applied for
these services.
Additional information regarding pricing or fees may be obtained from your Bank of
America representative.
Supplies:
Deposit supplies such as deposit slips, endorsement stamps and bags are provided at
cost plus shipping and handling and are subject to change without notice.These
supplies can be ordered through our Client Services Center or a vendor of choice. These
charges can be assessed to analysis upon request.
o Deposit tickets/slips vary depending upon type.The cost begins at$26.
o Endorsement stamps (self-inking) start at$24.
o Deposit bags (plastic, disposable,tamper-evident)vary according to style and size
and are shipped 100 per box, starting at$24.
o Coin and currency wrappers are shipped 1,000 per box, starting at$10.
o Envelopes are not provided by the bank or its vendor Harland Clarke.
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